What does 2010 have in store?

Happy New Year flatbookers! May 2010 be a profitable one for your all. Now down to business. To reference our December 1st post we believe that the S&P 500 has overcome the most robust technical threat since March in long-term descending resistance and November/December's flattop at 1120. Last Friday's positive reaction to worse than expected Non-Farm Payroll data (-85k actual vs -3k forecast), only served to underline the market's bullish mood.

Now at 1145, it would seem that momentum to the upside has prevailed, for now, and as Technical Analysts we are now buyers of dips. "What's our entry?", I hear you cry. Here at the flatbook we are currently on the sidelines and waiting for a possible long entry at 1127. The hyptonuse of the aforementioned ascending triangle could act as support within the ascending channel (pictured), hence our prospective entry price. We will continue to monitor price action however, and will post if we move on anything.



Safe Trading all!

"The average man doesn’t wish to be told that it is a bull or a bear market. What he desires is to be told specifically which particular stock to buy or sell. He wants to get something for nothing. He does not wish to work. He doesn’t even wish to have to think." Jesse Livermore